U.S. stocks drifted to a mixed close near their record heights.
The S&P 500 ended little changed Monday and is less than 1 percent below its record set at the end of March. The Dow Jones Industrial Average slipped 0.2 percent, and the Nasdaq composite edged up 0.3 percent.
Stocks have rallied this month on revived hopes that inflation may ease enough to convince the Federal Reserve to cut its main interest rate later this year. A key test will arrive Wednesday, when the government offers an update on inflation. GameStop and other meme stocks soared. Treasury yields eased in the bond market.
On Monday:
The S&P 500 fell 1.26 points, or less than 0.1 percent, to 5,221.42.
The Dow Jones Industrial Average fell 81.33 points, or 0.2 percent, to 39,431.51.
The Nasdaq composite rose 47.37 points, or 0.3 percent, to 16,388.24.
The Russell 2000 index of smaller companies rose 2.35 points, or 0.1 percent, to 2,062.12.
For the year:
The S&P 500 is up 451.59 points, or 9.5 percent.
The Dow is up 1,741.97 points, or 4.6 percent.
The Nasdaq is up 1,367.89 points, or 9.2 percent.
The Russell 2000 is up 35.05 points, or 1.7 percent.
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